The bonded debt of the state on the 31st of December 1908 amounted to $550,000, of which the state held an irredeemable bond for $380,000; the actual redeemable bonded debt of $170,000 was due to the investment of the school and university funds in the bonds of the state.
He successfully opposed a bill providing for what would have been practically an irredeemable currency, and he voted against the bill for chartering the second United States bank, although it provided for the redemp - tion of bank notes in specie, because he objected to permitting the government to have so large a share in its management.
There still remains, however, an irredeemable debt due to the common schools, Ohio University and Ohio State University, in return for their public lands.
The Democrats adopted a platform declaring in favour of indefinitely enlarging the volume of the irredeemable paper currency which the Civil War had left behind it.
Only a few provisions were made, and those ineffectual, for the protection of the public: later in the same year the legislature passed an act for the suspension of specie payments until the 6th of May 1838, and the consequence was that the state was flooded with irredeemable paper currency.